IE Business Daily Business news for the Inland Empire.
CVB Financial Corp. has reported net earnings of $48.5 million for the fourth quarter of 2023, a decline of $9.4 million from the third quarter and a $17.7 million drop year-over-year, according to data released Jan. 30.
The holding company of Citizens Business Bank also recorded earnings per share of 35 cents for the quarter that ended Dec. 31, down seven cents from the third quarter and down 12 cents from the previous year, the Ontario-based financial institution reported.
The drop in earnings in the fourth quarter can be attributed to a ruling by the FDIC: a $9.2 million “expense accrual” that will be collected during eight quarters starting this year, CVB Financial stated in its fourth quarter report.
For 2023, CVB Financial reported net income of $221.4 million compared with $235.4 million in 2022, while earnings per share were $1.59, down from $1.67 year-over-year.
CVB Financial is one of the 10 largest bank holding companies based in California, with an estimated $16 billion in assets, according to the report.
